Deputy PM urges Agribank, VNPT to launch IPO by end-2019

The Hanoitimes – State-run Vietnam Bank for Agriculture and Rural Development (Agribank) and Vietnam Posts and Telecommunications Group (VNPT) have been essential in the government’s initiatives for sustainable development. VNPT to start equitization process in 2019 Vietnam’s Agribank plans IPO in 2020: Chairman SOE divestment and equitization present opportunities for investors Vietnam’s SOEs equitization process falls far behind schedule Deputy Prime Minister Vuong Dinh Hue has urged Agribank and telecom group Vietnam Posts and Telecommunications Group (VNPT) to launch their respective initial public offering (IPO) by the end of this year, the governmental portal reported. Deputy Prime Minister Vuong Dinh Hue at the meeting with Agribank’s executives on February 11. Source: VGP. At the meeting with Agribank’s executives on February 11, Hue considered 2018 a positive year for the Hanoi-based bank, for which key indicators such as outstanding loans, pre-tax profit and bad debt ratio improved compared to 2017. Agribank is currently the largest lender for the agribusiness sector, with 70% of its over VND1,000 trillion (US$43 billion) in outstanding creidt by the end of 2017 loaned back to the agriculture – fishery – forestry sector, a government’s priority for development, Hue stressed. In the coming time, Hue requested Agribank to ensure providing sufficient capital for the economy, while continuing the restructuring process. Following the rapid development of technology, especially fintech, Agribank is under huge pressure to improve its corporate governance and technologies application, Hue continued. With regard to VNPT, one of Vietnam’s three leading telecom groups, Hue stressed… [Read full story]